P.M participates in the work of the Investment Forum in its first session

Prime Minister Dr. Abdulaziz Saleh bin Habtoor participated in the first session of the Investment Forum organized by the General Investment Authority in the capital, Sana’a.

The forum, which was moderated by the head of the authority, Yasser Al-Mansour, discussed areas and projects whose priorities the public and private sectors will agree on, and their positive impact on large segments of society.

The forum also discussed issues of partnership between the public and private sectors and the mechanisms required to reach them in order to serve the development of the investment path and the revival of bilateral roles in the service of the development path of social and economic development.

Al-Mansour asked the participants in the forum a set of questions and inquiries about the government’s role in encouraging and stimulating investment and addressing and removing problems and obstacles facing investors, as well as the aspirations and vision of the private sector regarding the reality of investment in the current period and the requirements for a qualitative shift in the institutional and infrastructure related to this sector and the advancement of its pivotal role in the service of development and the national economy.

In the meeting, Prime Minister referred to the importance of the forum as a new and positive initiative at the level of Yemen, indicating that the private sector cannot succeed without government administrative bodies that understand its great importance or the laws, regulations and systems that regulate aspects of partnership.

He pointed out the importance of the concerned state agencies working on preparing the ground for investment and its stability, and turning it into an aid tool for the success of investment projects, and working to gradually remove all the factors that waste or hinder investment.

Prime Minister considered the investment service a service to the Yemeni people, whose investment projects will provide them with multiple and diverse jobs and contribute to the stability of society.. He stressed the need for those concerned to understand, directly or indirectly, the great importance of private sector investments and their role in the service of development.

He stressed the keenness of the state leadership to prepare the legislative and institutional components and infrastructure to serve the investment, pointing out that the official’s understanding of the leadership’s directives and the nature of his duties, and how he deals responsibly with the position he occupies are important and essential issues for his success in carrying out his duties in the service of his country and society.

He said: “We are all concerned as officials to preserve our investors, change the way of thinking towards them, encourage them by all available means, and study the development of regulations and systems to attract the largest number of investments in the interest of our country and our people.”

In turn, the President of the Federation of Chambers of Commerce and Industry, businessman Mohammed Abdo Saeed, considered the forum, via video technology, from London, a good initiative for the present and future of Yemen.

He explained that the Yemeni has the will and high ambition, and if the appropriate environment is provided for him, he is able to make miracles.. Pointing out that the Yemeni market is still lagging behind, not from developed countries, but rather from developing ones, whether in terms of legislation, infrastructure or integration among the sectors concerned with bringing about development.

And Mohammed Abdo Saeed indicated that the country is in dire need of the first beginnings to advance it in various fields.. He pointed out that no renaissance can take place unless there are real projects in the infrastructure, especially energy, roads and ports, and before that highly qualified human being.

He stressed that the most important thing than providing laws and regulations is the commitment to implement them, pointing out the need to encourage national and foreign investors alike.

He called for restructuring the Supreme Council for Partnership between the Government and the Private Sector and activating its activity and role in addressing problems and obstacles, as well as paying attention to the contracting sector, which is responsible for the implementation of projects.

In turn, the head of the Tax Authority, Ali Al-Shamahi, indicated that investment in the energy, roads and education sectors should be a priority if financial resources are available.

He stated that the priorities of the current situation that the country is going through differ from the priorities of the post-aggression and siege phase.

Meanwhile, a member of the Board of Directors of the Central Bank of Yemen, Dr. Hammoud Al-Najjar, disclosed that the founding committee of the Yemeni stock exchange in Yemen submitted the results of its work to the Governor of the Central Bank, accompanied by the system of laws required to establish the market, in coordination with the private sector.

He touched on the importance of this market in serving the investment process and expanding the volume of participation in investment activity, explaining that the market would contribute to achieving the optimal distribution of available resources and reducing financing risks.

Al-Najjar indicated that “when there is a real partnership between the various government and private sectors, there will be successful projects.”

The head of the Chamber of Commerce and Industry in the Capital Municipality, Hassan al-Kbous, commented via video technology, praising what has been accomplished to establish the stock market.

He expressed the hope that all executive steps would be completed in the near future to launch the market’s work on the ground.. He called for activating the single window system in the General Investment Authority and giving it all the required powers, to play its role in facilitating procedures for investors.

The Minister of Electricity and Energy, Dr. Mohammed Al-Bakhiti, considered the participation of the private sector in investing in the electricity and renewable energy sector as vital and essential to make a qualitative leap in providing energy for development and community needs.

He stated that the ministry currently has five files for investors wishing to invest in the electricity and energy sector.. He pointed out that the ministry is studying these requests and contractual partnership contracts between the government and the private sector in this aspect in accordance with the regulations, and benefiting from international experiences in this field.

For his part, Minister of Transport Abdel Wahab Al-Durra praised the efforts made by the Investment Authority to improve investment incentives.

He touched on the opportunities available for investment in the land transport sector, especially with regard to establishing roads that save time and money, such as tunnels and shortcuts, pointing to the studies available at the Ministry of Public Works and Roads in this regard.

In addition, the Minister of Local Administration, Ali Al-Qaisi, stressed the vital role of the local authority in motivating investors at the local level.

He pointed out that protecting investors’ investments is everyone’s responsibility, and in the forefront is an independent judiciary that does justice to the investor and stands responsible before the aggressors and influential people who have disrupted many projects during the last period.

Undersecretary of the Ministry of Finance, Akram Al-Ashwal, pointed out the importance of developing a complete strategy to develop partnership relations between the competent official institutions and the private sector to advance the investment process.

He pointed to the step taken to support industrial projects, which is exempting them from taxes.

The Chairman of the Investment Authority, Al-Mansour, reviewed the objective of the forum in promoting rapprochement and dialogue between all partners.

He explained that this founding forum will be followed by a series of forums to discuss the approach to partnership at the level and scope and its projects with stakeholders from the two sectors.. Noting that the discussion and debate in the forums will lead to constructive dialogues, leading to a real partnership that serves the efforts to awaken the vital role of the investment sector in the service of development .

At the conclusion of the forum’s activities, the Prime Minister appreciated the Commission’s efforts in organizing the dialogue event, pointing out that such forums continue to be held to discuss the factors and ingredients needed to create a true partnership that serves the efforts to develop investment activity, and transcends bureaucratic problems.

He stressed that the directives of the Leader of the Revolution, Mr. Abdul-Malik Badr al-Din al-Houthi, and the Chairman of the Supreme Political Council, His Excellency Field Marshal Mahdi al-Mashat, include strengthening institutional work in all institutions and performing their daily duties and tasks towards citizens and those associated with their activities.

The Prime Minister stressed the need for the leaders and employees of the authorities to deal with high responsibility in the performance of tasks, the continuous development of work mechanisms and the service of the legal text.. He stressed the importance of not repeating the mistakes of previous periods against investors, whether before or after the restoration of the blessed Yemeni unity.

He announced that the forum, in its second session, will be about the electricity and transportation sectors, the investment possibilities available in the two sectors, and ways to advance their valuable roles in all aspects in partnership between the public and private sectors.

The forum was attended by a number of officials, businessmen, and a group of specialists and those interested in this regard.